Unlocking value in NCR through a corporate spin-off A classroom case

This case study, which can be used as a teaching resource in a classroom setting, explores the strategic decision by NCR Corporation to undertake a corporate spin-off in October 2023, resulting in the formation of two distinct entities: NCR Voyix and NCR Atleos. Using an event study methodology and an analysis of NCR documents and analyst reports, this paper examines investors' responses to key milestones in the spin-off process and the subsequent performance of the newly formed companies. The case integrates theoretical frameworks like the resource-based view and information-processing theory to analyse the strategic rationale for spin-offs, while also highlighting operational challenges associated with the spin-off, such as high debt burdens and internal control issues. This case serves as a resource for understanding corporate restructuring complexities in classroom discussions.